Bizspace Spotlight

It often has been said that it never is the perfect time to have a baby. People fear they won’t have enough time and money to properly perform their parenting role.

In much the same way, it might never be the perfect time to start your own company. But, as with parenting, you can try your best to swing the most important factors in your favor before deciding whether to truly take the leap.

Donna Harris is managing director of the Washington, D.C.-based Startup America Partnership, which in January 2011 launched a national network of state initiatives to support startup companies by providing connections to helpful knowledge, resources, relationships and opportunities.

In 30 states across the country, the organization is using the skills of company founders, entrepreneurs, mentors and executives called “Startup Champions” to help new companies grow, Harris said.

Even the best ideas could succumb to the pitfalls of poor timing, Harris said.

“You can still pursue the wrong opportunity at the wrong time, you can pursue the right opportunity at the wrong time, and you can pursue the right opportunity at the right time,” she said.

Potential entrepreneurs can decide whether the timing is right by realistically evaluating the product and the demand for it, Harris said. One evaluation model is outlined in “The Lean Startup,” a book by Eric Reis.

The author provides a model for entrepreneurs to develop an idea for a new company by creating a “minimum viable product,” a smaller-scale test that is developed to see whether it works in the target market before pursuing it fully, with means to evaluate results and use them to determine next steps.

This method minimizes the amount of time, money and exposure required before launching a startup to help validate proper timing, Harris said.

“If you get out and test your product using your minimum viable product and nobody responds, then there’s either a problem with the thing or the timing of the thing,” she said.

To help gauge the climate in your market and solicit advice, find out where entrepreneurs meet socially and go there to introduce yourself and exchange ideas, Harris said. Most communities also have business accelerators or meet-up events for business professionals to connect with peers looking for startup opportunities.

Another training resource for entrepreneurs is The Ewing Marion Kauffman Foundation, based in Kansas City, Mo. The organization’s FastTrac initiative provides information and frameworks to help established and aspiring entrepreneurs start and grow their businesses.

The foundation offers a number of courses through its worldwide affiliates, such as chambers of commerce, colleges and economic development councils, said Alana Muller, president of Kauffman FastTrac.

A primary factor in deciding whether to launch a company is determining whether you have the needed experience and attributes to lead a company or can tap the expertise of those who do.

Muller said corporate executives ideally have built their careers around a variety of experiences, have been exposed to new ideas and can also generate them. They also have the ability to improve efficiencies or capitalize upon them moving forward, she said.

Someone contemplating entrepreneurship needs to prepare to pour their entire selves into the startup process, Muller said. Sometimes a prospective entrepreneur senses a need in the marketplace, a need to change careers or is just open for new challenges, she said, and maintaining a positive outlook with high levels of perseverance and passion are crucial to success.

“I think that some of it is really just doing a self-study and a self-check to make sure that somebody is prepared financially but also with the right mindset before starting a company,” she said.

Once you have determined that it is a good time to launch your own company, Harris said, it’s important early on to decide whether you want to build a small business or a business of scale with high-growth potential before forming your approach.

And Muller said surrounding oneself with supportive sources of encouragement and information also is beneficial for new entrepreneurs.

“I always say entrepreneurs should not go it alone,” she said.

These people can be family, friends, other entrepreneurs, investors and mentors who are typically unpaid sources of knowledge. But Muller said paid advisers may include a business coach who can clarify and hone ideas, an attorney, an accountant, a banker, and marketing or product specialists.

How To: Starting a Business

Top tips

Surround yourself with a support team of both paid and unpaid people who can help mentor, advise and finance your entrepreneurial goals.

Find out where other entrepreneurs hang out — such as a local coffee shop — and go there to network and be exposed to new ideas and advice you can put to use in your startup company.

Introspection is key. Perform an honest and thorough “self-check” to make sure you’re in the right mindset and are prepared financially to start your own company at this point in time.